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U.K. biotechs warn that unless small companies get some research and development funding, the country will lose its place as No. 2 in the world for the work. The head of the BioIndustry Association said China and India will surpass the U.K. unless biotech investment becomes a priority for the government.

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Data from the latest State of the Nation report from Britain's Bioindustry Association and Ernst & Young showed that the total funding raised by the European life sciences sector from January to June already surpassed the amount of capital raised last year. Among countries in Europe, the U.K. life sciences industry raised the highest amount with $1.18 billion in financing in the first half of this year.

Fifty-one biomedical firms will share more than $70 million in a second round of grants from the U.K.'s Biomedical Catalyst fund to help move life sciences projects through the "valley of death." Twenty-five feasibility studies, 18 early-stage projects and eight late-stage projects received awards. The fund has encouraged more private-sector investment in U.K. biotech companies, allowing them to grow faster and engage in more research, according to a BioIndustry Association report.

MPM BioVentures has secured about $69.1 million for its new fund, called MPM BioVentures V, according to a Securities and Exchange Commission filing. The Boston-based investment firm focuses on biotech, medical technology and other areas in the life sciences industry.

A significant number of small biotech firms in the U.S. might not survive this year as they struggle to raise funding, biotech experts and analysts warned. The industry might lose 100 publicly traded biotech companies to takeovers or bankruptcy, analyst G. Steven Burrill said. Meanwhile, Congress has yet to act on BIO's petition for government funding to match private investment in small biotech startups.

The Supreme Court of Canada on Thursday refused to grant class-action status to a lawsuit filed by two organic farmers against Monsanto Canada over biotech canola. The farmers claimed that the biotech canola hurt their business because open pollination means their crops can't be certified organic. A Monsanto spokeswoman said the company always thought the allegations had no merit.